A statement TfL made to the London Stock Exchange on 24 July 2018 made no mention of a delay to the Crossrail launch. Yet, following questioning by the London Assembly, it emerged that TfL already knew the project would not open on time.
The London Assembly Transport Committee was concerned about the lack of transparency and wrote to the Financial Conduct Authority (FCA) for clarification on the issue. The FCA has now responded to that letter saying it will consider whether it is appropriate to launch a formal investigation.
The FCA has a number of options available to it, if the rules were breached. Including public censure and discretionary fines.
Caroline Pidgeon MBE AM, Chair of the London Assembly Transport Committee said;
“The Transport Committee identified grave discrepancies in the evidence gathered from meetings to determine who knew what, when, with regard to the launch of Crossrail.
“We can only conclude that we have been misled – and now the financial markets will want to know if they have been misled too.
“Not being transparent about such a large infrastructure project affects many people and many businesses. Any misconduct should be taken very seriously.
“We expect the Mayor and TfL to fully comply with any requests from the FCA. This Crossrail debacle has knock-on effects across London’s transport system and accountability for poor management is imperative.”